Boise-Metro Housing Market (Star: short sales, real estate market, foreclosure)

[Anchorless]

What's the rate of foreclosures again?

[Torrie]

For where? The state of Idaho, Ada County, Canyon County?

[Torrie]

I can tell you in Ada County, foreclosures have dropped approximately 48 percent from November's to December's totals in 07. In November there were 393 fillings compared to December's 190.

Keep in mind though the news media reports it as foreclosures- they are actually fillings. A home can go into foreclosure, but it doesn't always foreclose. So most likely the totals above are even less. Banks don't want the homes and will often come to an agreement for a short sale. Some banks are working with the borrowers.

So what's reported and what actually forecloses are two separate things. I can tell you the above figures are a drop in the bucket compared to most states.

[Torrie]

Take a look at this article from the San Francisco Chronicle. I happened to be in California when this went to print. I can tell you the way they did this spread on the paper was definitely done for shock value. They had in big block numbers, on the front page, all the different citites within the Bay Area and how many foreclosures each city had. These were totals from Jan-August 07.

Though the actual internet article doesn't hold the same shock value the numbers are there. If you don't want to read it, scroll down towards the bottom and you will see all the cities listed and each of their fillings. This isn't even the whole state, just the bay area and it's not even for the whole year. Which is why I say ours was a drop in the bucket compared to most places.

MORTGAGE MELTDOWN / NEIGHBORHOODS CRUMBLE IN WAVE OF FORECLOSURES / One street's nightmare: People bail out, those who remain suffer

[Anchorless]

Originally Posted by Torrie

For where? The state of Idaho, Ada County, Canyon County?

The nation in general.

Look, I understand that to a large extent this is partly a local/regional phenomenon, as some places are far more inflated than others. But to assume that we are in a vacuum here, and exist unaffected by what is going on in the rest of the country is just silly.


'

Originally Posted by Torrie

Take a look at this article from the San Francisco Chronicle. I happened to be in California when this went to print. I can tell you the way they did this spread on the paper was definitely done for shock value. They had in big block numbers, on the front page, all the different citites within the Bay Area and how many foreclosures each city had. These were totals from Jan-August 07.

Though the actual internet article doesn't hold the same shock value the numbers are there. If you don't want to read it, scroll down towards the bottom and you will see all the cities listed and each of their fillings. This isn't even the whole state, just the bay area and it's not even for the whole year. Which is why I say ours was a drop in the bucket compared to most places.

MORTGAGE MELTDOWN / NEIGHBORHOODS CRUMBLE IN WAVE OF FORECLOSURES / One street's nightmare: People bail out, those who remain suffer

Well of course ours is a drop in the bucket to places like the Bay Area (and Los Angeles, San Diego, the Rocky Mountain Front, etc.). That doesn't mean we're doing just fine here.

For an idea of how we're doing take a look through the forums here, and see how many threads pop up about this topic, about the mortgage crunch, foreclosure, how much money many people have lost in their home in the last 4 or 5 months.

Obviously we both know this is happening, and we both know it is happening here, but to a much lesser extent in the Treasure Valley than most places whose prices have risen so dramatically in the past 5 years (or so).

But we also both know that no one knows whether we'll recover in a few months or a few years. I tend to think it will be a bit longer, you think it'll be very short.

[Anchorless]

This is about two months old, but...

Valley housing sales still slumping | News Updates | Idaho Statesman

Home sellers and real estate agents hoping for a turnaround in the Treasure Valley's housing slump will have to keep waiting.

Moderator cut: copyright

[Anchorless]

Also, what would a listing of foreclosure totals for Ada and Canyon County, or just the state of Idaho, by month look like?

I found this site: Foreclosures in the third quarter of 2006

It had Idaho listed for the third quarter, and notes we've increased 27.84 from Q2 2006, and 18.63 from Q3 2005.

Do you have anything that shows foreclosures by quarter for the past few years, so we can see what the trend is?

[Anchorless]

One more point and I'll defer:

Look, I admit I may be totally wrong here. All I have to go on is the information the Statesman and other rags publish, my own (very limited) research, and my own situation. And I've already admitted I'm extremely skeptical of what the Statesman publishes.

If you have statistics that differ from the Statesman you should post it here, so long as there is enough information for us to sort it out. We don't need narrative (from either of us), but posting stats or links to stats would help us each come up with our own opinions, I believe.

[Syringaloid]

Originally Posted by Anchorless

One more point and I'll defer:

Look, I admit I may be totally wrong here. All I have to go on is the information the Statesman and other rags publish, my own (very limited) research, and my own situation. And I've already admitted I'm extremely skeptical of what the Statesman publishes.

If you have statistics that differ from the Statesman you should post it here, so long as there is enough information for us to sort it out. We don't need narrative (from either of us), but posting stats or links to stats would help us each come up with our own opinions, I believe.

Boise needs to have a second daily major newspaper to compete with the Statesman. The Trib from Nampa should become larger and expand more into the city of Boise and become the Valley's other major paper and give the Statesman a run for their integrity.

[Torrie]

Originally Posted by Anchorless

The nation in general.

Look, I understand that to a large extent this is partly a local/regional phenomenon, as some places are far more inflated than others. But to assume that we are in a vacuum here, and exist unaffected by what is going on in the rest of the country is just silly.


'

Well of course ours is a drop in the bucket to places like the Bay Area (and Los Angeles, San Diego, the Rocky Mountain Front, etc.). That doesn't mean we're doing just fine here.

For an idea of how we're doing take a look through the forums here, and see how many threads pop up about this topic, about the mortgage crunch, foreclosure, how much money many people have lost in their home in the last 4 or 5 months.

Obviously we both know this is happening, and we both know it is happening here, but to a much lesser extent in the Treasure Valley than most places whose prices have risen so dramatically in the past 5 years (or so).

But we also both know that no one knows whether we'll recover in a few months or a few years. I tend to think it will be a bit longer, you think it'll be very short.

I don't keep statistics for the nation in general.

Sure, what's going on in the rest of the country does affect us to some extent. I think what might work in our favor is we don't have as large of a population as many of the other places and our economy on a local level has been consistently strong.

When you talk about the recovery period I think you're talking about the nation as a whole where as I'm referring to the Boise-Metro market. I do think we will recover much quicker than the rest of the nation. Just because one market is in the tank doesn't mean that all the markets will be in the tank at the same level.